While he continues to believe the company trades at a discount to its sum-of-its-parts value - the stock sells for 0.57x book (excluding AOCI) - Palmer isn't seeing any near-term catalysts to propel a higher share price.

He notes the company's U.S. mortgage insurance unit chalked up its 2nd consecutive quarterly profit as delinquencies fell.

Australian mortgage insurance income bounced back from Q1's slowing, maybe quelling concerns about that country's property market

In another bubbly property market, Canadian mortgage insurance wracked up a $43M gain, up from $1M in Q1 as delinquencies fell.